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NOTES PAYABLE
3 Months Ended
Mar. 31, 2026
NOTES PAYABLE  
NOTES PAYABLE

NOTE 8 - NOTES PAYABLE

 

On April 30, 2020 Elite Beverage International was approved for a loan for $201,352 through the Payment Protection Program (PPP) with an interest of 0.98% per annum and a maturity date of April 23, 2022. Forgiveness in the amount of $105,867 was given on September 2, 2021, which was recorded as a gain on forgiveness on debt in the statement of operations. As of February 9, 2022, The SBA has paid off the balance of the PPP loan with the lender. The Company is waiting for formal confirmation from the SBA on the status of the loan balance and once received will record the forgiveness of the debt. On the PPP loan, accrued interest was $5,973 as of March 31, 2026 and $5,735 as of December 31, 2025, respectively. The balance of this PPP loan is $95,485 as of March 31, 2026 and December 31, 2025, respectively.

 

During the three months ended March 31, 2026 and the year ended December 31, 2025, the Company entered into non-convertible, non-interest bearing advances totaling $37,000 from third parties and the monies will be paid back over the course of the next 12 months. As of March 31, 2026 and December 31, 2025, the balance of the advances is $37,000 and $32,000, respectively.